Fact Checker: Did Wall Street get the 'trillion-dollar bailout' that Bernie Sanders claims?
By Glenn Kessler Glenn Kessler The Fact Checker Email Bio Follow March 18 at 3:00 AM “Not one major Wall Street executive went to jail for destroying our economy in 2008 as a result of their greed, recklessness and illegal behavior. No. They didn’t go to jail. They got a trillion-dollar bailout.
ProPublica maintains a great tracker on TARP spending, and it shows that banks and other financial institutions received $245 billion, mostly to replenish capital. But many of those banks are not what one would consider “Wall Street.” Many community banks and credit unions also received TARP funds. Moreover, the U.S. government was eventually repaid for the loans by many of the recipients and ended up earning, as of Feb. 25, a profit of more than $100 billion through dividends, interest and so forth, according to ProPublica.
To some extent, there is a definitional issue about what one considers a bailout. The Fed loans were fully collateralized and were permitted under the Federal Reserve Act. The Fed aid was aimed mainly at keeping the financial markets operating.
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